The Ides of March have boded well for the Big Island condo market!
Today, the Big Island saw the closing of the 25th condo sale so far this month. In March 2009, there were only 24 condo sales for the entire month.
Reflecting on the increased pace, Senior Vice-President Frank Goodale, R, CRB, notes that the condo market slowed to a crawl in 2009 for two primary reasons: the restrictive lending atmosphere and hesitation on the part of investment buyers.
As consumer confidence returns, sellers, he says, should consider that historical data indicates it may be several months to even a few years before prices start to edge up as a result of increased activity in a market. While there are a number of Short Sales and Foreclosures in the inventory locally, realistic pricing continues to be key for sellers.
March Condo Sales To Date by District:
South Hilo: 2 (Country Club Hawaii, $12,900*/Polynesia Capri, $90,000)
South Kohala: 9 (Low: $83,000 High: $2,550,000 Median: $690,000)
North Kona: 13 (Low: $54,500* High: $520,000 Median: $225,000)
Kau: 1 (Sea Mountain, Colony One, $138,000)
District Map (PDF)| Advanced Real Estate Search
*Indicates Leasehold property
Based on the current market analysis for Hilo alone, there have been 18 new condo listings within the past 3 months. There are 3 condos in escrow and 10 Hilo condos have sold in the past 3 months (3 of which are leasehold) with the highest price of $150,000.
Sales have doubled from only 1 year ago.
Despite the diversity and challenges in our industry, condos are still an option for real estate investment. They have become stepping stones to the dream home or additional income for rental property.
Dream Big, Start Small!